A Look Behind The Curtain Of DeFi Kingdoms’ Crystalvale Launch
Now that the hype behind DeFi Kingdoms’ Crystalvale launch has subsided let’s dig into the data to see how successful it was.
Covered:
- The Great Migration
- DFK Chain Analytics
- JEWEL & CRYSTAL Price Action
DeFi ?? GameFi
— astro?? (@hodlhead21) March 28, 2022
DeFi Kingdoms is one of the crypto market’s hottest GameFi projects in 2022. The DeFi market is getting saturated with tons of various decentralized finance (DeFi) protocols, and while there’s still plenty of value to be found there, the market has been looking for something fresh and unique. DeFi Kingdoms has stepped in to fulfill that role by gamifying the traditional DeFi experience. With the highly-anticipated Crystalvale launch taking place this week, let’s take a look at some of the data that’s coming in following the release day to see how the market received it.
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Crystalvale Launch: The Great Migration
The first interesting statistic I’d like to point out is the sheer amount of capital that flooded into Crystalvale following the launch. Being built on Harmony, DeFi Kingdoms tapped into the Synapse bridge to seamlessly move assets across the Harmony blockchain to the DFK Chain, which is built on top of Avalanche’s first subnet.
Here’s a look at the amount of capital that flowed through Synapse onto DFK Chain on March 31st, just a day after the launch of Crystalvale.
As you can see, Synapse bridge didn’t move nearly as much volume until suddenly, on March 31st, when DFK Chain clocked in over $330 million in capital migrating over from Harmony and Avalanche. That long, yellow wick represents the amount of money that flowed into DFK Chain as compared to other blockchains, clearly dwarfing all others by comparison. It was a huge day for Synapse bridge, and although there was quite a bit of backlogged transactions on the day of launch, the traffic seems to have cleared, and money is moving through seamlessly for the majority of players. Between the day of launch on March 30th and the following day, Synapse moved a total of $470 million in assets to DFK Chain and processed more than 62,000 unique transactions. I think it’s safe to say that DeFi Kingdoms is anything but a dead GameFi project.
Huge congrats to the @DefiKingdoms team on their historic subnet launch! ????
In just 24 hrs, Synapse bridged nearly $470 million in assets and processed over 62k unique transactions ??
Cumulative bridged volume also surpassed $8 billion.https://t.co/tB6Gla3olw pic.twitter.com/8yMDUXPn5w
— Synapse Protocol (@SynapseProtocol) March 31, 2022
DFK Chain Analytics
Let’s take a look under the hood of the DFK Chain by looking at the Avalanche subnet chain activity. Being the very first subnet launched on Avalanche, there’s no prior data to work off of, but hourly gas usage exploded as soon as the DFK Chain went live on March 30th.
According to Avalanche’s DFK Chain tracker, DFK Chain settled over 271,500 unique transactions since launch day, and processed nearly $100 million in JEWEL transaction volume in the last 24 hours.
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JEWEL & CRYSTAL Price Analysis
JEWEL had a hot run-up throughout the month of March leading up to the Crystalvale launch, and now that the CRYSTAL token has officially dropped, let’s take a look at each of the price charts to see what we can gather.
At the time of writing, JEWEL is trading at $9.30.
Since bottoming out just under $4 at the beginning of March, JEWEL pulled off an eye-watering 200% rally to $11.50 before cooling off to its current levels. The amount of volume that accompanied its rise surpassed that of its initial climb to $22, telling us that more traffic than ever is flowing back into JEWEL. It seems that Crystalvale has brought in a wave of new users wanting to get in on the DeFi Kingdoms action.
The relative strength index (RSI), which measures the overbought and oversold conditions of an asset, is running hot right now, so we’ll have to wait and see how the price action unfolds over the coming weeks. However, if the overall crypto market can maintain its bullish momentum, JEWEL may be able to hold the line at the current long-term support line that it reclaimed following this most recent push. But if the markets fail to keep their momentum, I’d expect JEWEL to revisit the green 50-day moving average (MA) or the purple 100-day MA, both of which are currently sitting around the $7-8 range.
As for CRYSTAL, the price action isn’t looking nearly as bullish, but that’s to be expected for such a new token. Price data is only being gathered from the start of today, April 1st.
Currently, CRYSTAL is trading at $21.47.
CRYSTAL’s price action is what a brand new token with very low liquidity typically looks like. On the five-minute chart, we’re seeing huge, sharp swings to the upside and the downside. A squirrel could poke this chart with a twig and it would pump 20% right now, so I would strongly urge caution before considering “apeing in” any large amounts of capital. The price is trending down as more supply is being introduced into circulation from the Ice Gardens.
Interestingly enough, the 5-minute chart is displaying a bullish divergence since the beginning of today, as the price is trending down while the RSI pushes up, setting in subtle higher lows. It’s still way too early to tell where the fair value for CRYSTAL lies, but this could be telling us that the market is searching for a bottom on CRYSTAL right now. As more liquidity enters the market from Ice Garden emissions, we can expect this price action to smooth out over time. But for now, enjoy the chaos while it lasts.
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Text source: CryptosRus
